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Bank Posted Mortgage Rates

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What is a posted mortgage rate?

Posted mortgage rates are the rates put on websites and flyers by the big five Canadian banks. Posted rates are the standard by which banks start their negotiating, expecting consumers to negotiate them down.

Negotiating rates down increases customer satisfaction...?

The banks find that their customers are happier with rates if people have worked the rates down by half a percent, or somewhere thereabouts. The fact that often even these slightly discounted rates are a point or two above smaller lenders' averages doesn't hurt their profits either, but it's disingenuous towards their loyal customers either way.

Comparing the posted mortgage rates to the best of the lenders

Here's a comparison of typical posted rates vs typical broker rates. The differences should speak for themselves.

TermPosted Rate1Broker Rates2Posted Rates over Broker Rates
6 Month3.14%3.10%0.04 percentage points
1 Year 3.14%2.19%0.95 percentage points
2 Year 3.04%2.14%0.90 percentage points
3 Year 3.65%2.24%1.41 percentage points
4 Year 4.39%2.49%1.90 percentage points
5 Year 4.64%2.39%2.25 percentage points
7 Year 5.30%3.44%1.86 percentage points
10 Year6.10%3.84%2.26 percentage points
25 Year8.75%99.99%-91.24 percentage points

1 Posted rates are based off of RBC's closed mortgage rates.
2 Based on Super Brokers's discounted mortgage rates.

You don't need to work down or negotiate better rates from a broker

Brokers aren't in the business of wheeling and dealing their clients, so it's only natural that when enlisted they're forthcoming about what rates they have, and what you can qualify for. Of course, that's not to say that all banks are disingenuous or that all brokers are saints, but the relationship between a broker and his or her clients is far healthier than a single person versus the Bay Street thugs. (Sorry about this. I needed a catchy line.)

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